Inside Auto Insurance and Vehicle Appraisals - AutoLoss.com

Appraisal Group of America vs. an automated Diminished Value site:

2008-05-08T20:21:00.000-07:00

What is the difference between an automated diminished value appraisal and a diminished value appraisal completed by Appraisal Group of America? So many. . . There are many automated websites selling so-called diminished value appraisals. Many of these so-called diminished appraisals are not signed and give no customer service if the client has problems. Appraisal Group of America Inc. believes the automated sites are good for information on Diminished Value but truly give little help with regards to successfully claiming diminished value. On a daily basis customers that have utilized these automated sites call Appraisal Group of America Inc. looking for help on their diminished value claim. Each of our diminished value claims include the following:

A review and analysis of the final repair order.
A determination of the pre-damage value of the vehicle with 5-9 comparables within 300 miles of the appraised vehicle.
A determination of the post- repair value of the vehicle.
A determination of the diminished value
Extensive Customer Service Assistance
Sample Demand Letter
Complete 6 page Instruction Manual
Assisting clients in answering letters from the insurance company
Signature of the owner of the company, Terry Fisher

Luxury Car Insurance Advice

2007-06-24T13:45:00.000-07:00

Here is an article sent in by a reader. I would like to add that a consumer should also consider getting a professional appraisal done for insurance purposes.

Thanks,
Terry Fisher
autoloss.com
_________________________________

5 Important Tips for Insuring Your Luxury Sports Car

You’ve done it!

You bought your dream car. But did you consider insurance before you bought it? That shining beauty has a roaring engine. The finish gleams. The tires squeal. It’s a real eye catcher.

But it’s very likely to catch the eye of a thief, too. That’s why you need insurance. Not just any insurance. Insurance that’s specific to the kind of luxury or sports car you now own.

Here are 5 of the most important tips you need to know to properly insure your luxury car.

Find the right insurer. Not every insurance company will sell you insurance for your luxury car. Finding an insurer for a 2007 BMW 335i Coupe, Maserati or a Rolls Royce isn’t as easy as finding one for that Ford Echo. The dealer who sold you the car can recommend insurance agents or you can look in publications like Hemming's Motor News, Car and Driver or search online for specialty brokers. Expect rates to run 15-20% above non-sports or luxury models. Remember, much of your insurance is calculated on replacement value and repair costs.
Decide whether you’re a daily driver or a “Saturday Nighter.” You must give potential insurers an accurate estimate of your annual mileage. If you just take your baby out on sunny summer Sundays for a drive in the country or to cruise on Saturday nights, you can save big on insurance because of the low miles driven. Under 5,000 miles is usually the limit.
Join the club! Consider becoming a member of the owner’s club for your model or auto maker. Club members are always willing to share tips about such things as upkeep, special problems and maintenance as well as sources of parts and even good insurers.
Ask for discount auto insurance. Beyond anything else, ask the insurance company what memberships you could belong to or what you could add to the car (a security system generally helps) to get the best coverage at the lowest price. Package insurance products for your home or other cars together with your sports car. You could see savings in the total cost.
Don’t forget to tell your insurer about that $5000 audio system or any other expensive aftermarket accessories that you’ve added on. They might not like that nitrous oxide supercharger, but if you don’t disclose it, it may not be covered in a claim.

Getting the best coverage for your luxury or sports car is a must. Use these tips to help you to protect that beauty so you can feel the wind in your face and just enjoy the scenery worry-free.

Marc Sachnoff and Adam O’Connor

The Great Guys

Great Guy Life

Insurnace Company Attempts to Avoid Paying for Diminished Value

2007-05-25T16:16:00.000-07:00

A client recently had an accident, not their fault. Investigating the repair provided the opportunity to learn about how insurance companies apply pressure tactics to body shops to hide frame damage and diminished value. Talking with the shop manager I found out about how the repair shops are pressured to hide frame damage - and therefore hide some of the diminished value caused by the accident. You can read about this in more detail on our website: Insurance Company Tactic to Avoid Paying Diminished Value.

What Makes Appraisal Group of America different?

2006-10-16T13:14:00.000-07:00

We get asked every day what makes Appraisal Group of America different or better then other national appraisal companies. Our answer is always Customer Service. Our customer service is top notch and the reason why we are one of the biggest privately held appraisal companies in the North America We treat the customer as though they are the only customer we have. From having the appraisal and inspection completed within 48 hours to working on the claims till our clients are happy our customer service is always our top priority. Most of our total loss claims are settled with our clients getting somewhere between $2,000- $4,000 more then they were being offered by the insurance company. Also, our thousands of diminished value clients typically get $1,000’s of dollars within 30-60 day of us turning in their diminished value claim. . We are passionate about helping consumers and it shows. Call Appraisal Group of America today at 877-655-1661 and hear the difference. We look forward to helping you!
Autoloss.com Customer Service

Settling a Diminished Value Claim - Tips from a Licensed Appraiser

2006-02-18T00:20:00.000-08:00

On average, upon hiring Appraisal Group of America to complete a comprehensive diminished value appraisal, our clients report resolution within thirty to sixty days. The outcome of this process often concludes with a settlement check and a very pleased client. As such, approximately, 70 to 80% of our business consists of repeat customers or client referrals.

Regardless, there are those occasions in which the claimant encounters an insurance company that will not engage in good faith practices and/or employs delay tactics. The following is lists of steps that will help those clients settle their diminished value claims in a proactive, positive manner.

Always get a comprehensive, diminished value appraisal from a licensed and reputable company such as Appraisal Group of America. Our company will help you through the diminished value claim process from start to finish. If we encounter a stumbling block, we are able to refer our clients to additional sources of recourse.

Upon completion and approval of the diminished value appraisal, Appraisal Group of America sends via facsimile the signed document to the insurance adjuster. We suggest a proactive stance, with the client contacting the adjuster and initiating dialog. As with any business negotiation, it is strongly recommended that the client begins his or her negotiations at an amount significantly higher than what would be considered fair compensation. This will compensate for the insurance company adjuster whose job is often to “adjust” the client out of their diminished value compensation.

Inform the adjuster that you have received an independent, comprehensive diminished value appraisal and if they [the insurance company] do not wish to accept this appraisal and pay the full settlement amount, to hire their own diminished value appraisal.

If the adjuster assigned to the claim is uncooperative, ask to speak with his or her supervisor. This strategy is beneficial in several ways. First, few of us wish to have our poor behavior or uncommunicative stance reported to a higher up. Secondly, as the supervisor is often a harried individual, he or she will wish to get the claim solved quickly. Finally, the supervisor may have the authority to approve funds far and above what the initial line adjuster is able to due to company policy.

Being persistent (read calling the supervisor on a daily basis) is often a necessary step that does produce results. This is an example of the proverbial squeaky wheel getting the grease. Although other companies may advocate writing letters, the constant reminder via a phone message is difficult to ignore and may very well work in the client’s favor.

On occasion, calling the insurance commissioner in the state where the diminished value claim occurred produces viable results. We have spoken with many clients who report that once the insurance commissioner has been involved, the insurance company in turn makes a significant offer within days. For your convenience, we offer a list of the insurance commissioners in each state to help our clients navigate through the process as quickly and effortlessly as possible.

Appraisal Group of America also works with the top diminished value attorneys in the United States. In the 1% of cases where an attorney is needed, we work with the best to help collect thousands of dollars for our clients.

Last but not least, Appraisal Group of America’s diminished value appraisals can reduce your income tax obligation significantly. Any portion of the diminished value appraisal that you were unable to collect, is considered an “Unrecoverable Casualty Loss” and may be deducted from your income taxes. This tax deduction holds regardless if the accident was your fault, the fault of another person, or if a flood or other such incident occurred and diminished the value of the vehicle. Even the fee for the diminished value appraisal is a deduction.

Call Appraisal Group of America today at (877) 655-1661 and talk to our licensed professionals free of charge regarding your diminished value claim.. We are here for you.

Terry and Monica Fisher
autoloss.com

Is the adjuster lying to me about diminished value?

2006-02-10T19:01:00.000-08:00

The truth, the whole truth, and nothing but the truth
Or….
what your adjuster won’t tell you about diminished value claims….

As owners of Appraisal Group of America, where superior customer service is the norm, we help clients navigate thru diminished value claims on a daily basis. The following scenario represents a typical client case. It unfolds with the client contacting Appraisal Group of America after the individual has been in an automobile accident and has begun dialog with their insurance claims adjuster about diminished value. These statements are a sampling of erroneous statements made by the aforementioned adjusters.

1. “I have never heard of diminished value”. As a licensed appraiser, I am required take an insurance test every two years. This exam specifically addresses diminished value. As such, it stands to reason that licensed adjusters regardless of their place of employment know about diminished value. Unfortunately, this denial of knowledge is undoubtedly a stall tactic so that the adjuster can delay in a discussion of funds owed. This statement is supported by reviewing the adjuster’s exam materials and test, wherein it specifically states that the fiduciary duty to the insurance company is the number one priority. There is no time given to discussions of responsibility or fairness.

2. “The repair is up to industry standards so we {the insurance company] do not owe you diminished value”. This statement is also false. Simply stated, the measure of damages is the monetary value of your vehicle before the collision versus the monetary value of the vehicle after the collision – even if the vehicle has been repaired. For example, if a BWM valued at $30,000 is in a significant accident, the results of which of $10,000. then the vehicle will be worth approximately 30%-40% less prior to the wreck due to its diminished value. BMW dealers and automobile dealers in general, will not put a frame or structurally damage vehicle on their car lot due to legal issues. Furthermore, a reputable dealer does not want his or her reputation by selling “framers”.

3. “Diminished value is not recognized in this state”. This statement is also a falsehood. Third party diminished value is recognized in every state. If you have a newer model vehicle that has been involved a significant accident, you are owned diminished value.

As is said, “if it walks like a duck, and quacks like a duck”….if what is being stated about your diminished value is questionable, it probably is. Call Appraisal Group of America at 877-655-1661 and we will discuss your diminished value claim for free. Talk to an educated, licensed, professional staff member who will give you the correct, knowledgeable, and personal attention that you deserve. We prepare and help settle diminished value claims on a daily basis. Considering the amount of money that is at stake, arm yourself with the best. We only work for consumers and we look out for your best interest. Our fiduciary duty is only to our customer.

Call today and get the diminished value money that is due to you.

Terry and Monica Fisher
autoloss.com

What can a licensed public appraiser do to help with a diminished value claim?

2006-01-05T15:43:00.000-08:00

As the owner of Appraisal Group of America, I am asked not only if we are licensed appraisers but how can a public appraiser help in resolving diminished value or total loss claims. Licensed appraisers serve as an exclusive representative for the policy holder and as such, enlisting a professional may make the difference between the minimum amount that is offered by the insurance carrier and the maximum amount the owner is due.

A licensed appraiser is an insurance professional working for the general public. The appraiser holds expert knowledge on loss adjustments and is an expert at filing and negotiating the fair settlements of an insurance claim. Simply stated, a licensed appraiser is employed by the general public and works for his or her client’s best interest. This independent nature is in direct contrast with insurance companies who retain adjusters with a fiduciary duty to look out for their employer’s best interest.

The licensed appraisers at Appraisal Group of America know exactly what is needed by the insurance company not only to expedite settlement of their client’s claim but for the highest settlement possible. These timely settlements are buoyed by Appraisal Group of America who not only specializing in diminished value claims throughout the United States but the established, working relationship with the majority of their client’s insurance adjusters. To illustrate this process, assume a driver insured with Allstate was to be involved in a major collision with an uninsured driver. The insured driver is able to file for diminished value compensation under the uninsured motorist portion of their policy. Once the insured Allstate driver hires Appraisal Group of America the proverbial wheels are set in motion. Appraisal Group can conduct the inspection, write the comprehensive appraisal and negotiate the settlement due to the employment of a licensed appraiser.

Our services are engaged exclusively by policyholders, not the insurance company. We are experienced representatives who prepare and settle claims daily. This experience translates into a smooth and effective transaction allowing the client (who on average will have no more than one or two losses per lifetime), to focus on their daily activities of living.
Give Appraisal Group of America a call today! There is no charge for providing information and we are here to assist you with your insurance needs.

Are you ready for your appraisal?
Click here to request a FREE appraisal quote now!

Understanding Diminished Value: First Party vs. Third Party

2005-12-15T06:20:00.000-08:00

If the accident you were involved in was not your fault, diminished value is probably owed to you. As such, a third party claim is entitled to diminished value no matter what part of the United States the accident has occurred in. On many occasions, clients have come to Appraisal Group of America concerned as they live in Mississippi, Oregon, or North Carolina and as such are they still owed diminished value for their recent wreck regardless of what state the accident occurred in. Simply put, diminished value is not dependent on the state in which you reside. If you have been in a wreck, and you own or lease a newer model car, you are owed diminished value.

What is diminished value?

Diminished value is the monetary difference between a car’s pre-accident value and its value after the accident. For example, if a 2005 Mercedes Benz E 320 is worth $40,000. prior to the accident loss and now worth $25,000. after the loss, the value of the vehicle has been diminished by $15,000. As such, the vehicle’s owner is entitled to be “made whole”. As the blameless party, you are entitled to a diminished value check for approximately $15,000.

First Party vs. Third Party

First party claims are those where the “the insured” has a direct contract with an insurance company. For example, if the insured was driving and accidentally hit a dear then the insured would turn the diminished value claim into their insurance company. Depending upon the insured’s state of residence and insurance policy language, we estimate that diminished value is owed in approximately 50% of the claims. First party diminished value claims vary significantly depending on the insured’s policy and whether they are claiming diminished value under the collision, underinsured part of the policy, or the uninsured part of the motorist coverage.

Conversely, third party diminished value claims are considered more matter-of-fact, with an estimated 99% of claimants having the right to recover diminished value. Simply stated, tort law allows for the innocent party to be entitled to monetary compensation, a.k.a. to be ”made whole”. As the decrease in the claimant’s vehicle’s value is part of the damage caused by the insured, the claimant is entitled to monetary funds for diminished value.

Diminished value claims typically settle within thirty to sixty days if the claimant uses a reputable diminished value company, such as Appraisal Group of America LLC. The appraisal is usually completed within a few days and faxed into the insurance company. Claimants typically have a diminished value check for thousands of dollars within 30-60 days.

As there are many types of first party claims, it is prudent to give Appraisal Group of America LLC a call regardless of the type of claim so a licensed diminished value professional can go over the claim with you typically for free.

Do I need an attorney to settle a Diminished Value Claim?

If the claimant hires a reputable diminished value company such as Appraisal Group of America LLC, within thirty to sixty days, the majority of claimants will receive a check for thousands of dollars for their diminished value, sans the use of an attorney.

Many attorneys are taking notice of diminished value claims and while most of those specialize in personal injury claims, they are adding diminished value claims to their case load as such claims settle so quickly and for thousands of dollars.

Don’t be Fooled

Call Appraisal Group of America LLC today and find out if you are owned a diminished value check. No state has mandates that dictate the innocent party cannot recover diminished value. Don’t be fooled by insurance claims representatives or the repair shops - you deserve to be “made whole.”

Visit Appraisal Group of America's web site to read more about diminished value and other important automotive consumer advocacy topics.

Identify flood cars by VIN number

2005-11-17T15:22:00.000-08:00

Flood Cars - NICB Access to Hurricane Claims

How do you know if your vehicle was one of the unfortunate victims of Hurricane Katrina or Rita? It is possible that these flood-damaged vehicles will be cleaned up and sold before their titles reflect such damage. By the time you find out, months may pass and you will have to discover and pursue legal recourses that may be available. It would be better to discover this information prior to purchasing the vehicle. There is a solution from an unlikely source.
The National Insurance Crime Bureau (NICB) is providing unprecedented access to its database to allow consumers to check a vehicle identification number (VIN) to see if it has hurricane-related damage. The information is free but does not include the type or amount of damage -- only that a claim is associated with that VIN number.

Their agreement is significant to consumers as this information is not normally available to the public. Unlike CarFax and AutoCheck, which get their information from public sources, such as police reports and motor vehicle departments, the NICB's data comes directly from the source -- the insurers that pay the claims.

There are two major limitations with the information the NICB is providing. The first is that you will only find out if the VIN is associated with a claim. Consumers are not given access to the specifics of the claim, such as the type of damage or the amount paid. Vehicles that received minor damage such as scratches by tree branches will be flagged exactly the same way as a car that was completely submerged in water and raw sewage. These vehicles should be careful inspection by a competent mechanic to determine the extent of damage.

The second limitation is that not all entities that are members of the NICB have agreed to allow their claims information to be searched. Even so, the ability to search just part of the NICB's database is an enormous benefit to consumers that they simply cannot get anywhere else.

The NICB members participating in this database are:

Allstate
Copart
Direct General
Farmers Insurance
GEICO
Insurance Auto Auctions
Imperial Fire & Casualty
Liberty Mutual
MetLife
Nationwide
Progressive Safe Auto
Safeway Insurance of Louisiana
Sentry
St. Paul Travelers
State Farm
The Hartford
The Republic Group
TM Claims Service
U.S. Agencies
USAA

If you discover your VIN in this database, contact us for help filing a claim. Even if the vehicle was not totaled, it is possible to collect for diminished value.
-Terry Fisher

Want to learn more?
Click here to visit our company web site - AutoLoss.com!

How to identify flood cars

2005-10-05T15:35:00.000-07:00

There is a great article here on how to identify a flood vehicle.

For more information, check with AutoLoss.com, an online resource of Appraisal Group of America LLC.

Welcome to our new blog.

2005-09-22T13:37:00.000-07:00

Welcome to the offical blog of AutoLoss.com, an online resource of Appraisal Group of America LLC. This is your source for consumer advocacy in the automotive insurance and appraisal industries. We'll provide you with useful links, news stories and changes to rules involving auto insurance and appraisals. Check back often, and check out main site to take action! AutoLoss.com

-Terry Fisher, CEO